United Kingdom, London.
10 Downing Street.
"...So, India produced a total of 400,000 tons of Cane Sugar this year." Harry Odell, the East India Company's trade representative, glanced at the report in his hand and concluded, "This batch of sugar is priced more than 70% below that in Paris, and it will reduce sugar prices on our domestic market by nearly 20%."
He was referring to British hundredweight; 400,000 hundredweight was approximately 21,000 tons.
Delighted expressions immediately appeared on Grenville and the senior Cabinet officials' faces. They nodded to one another in congratulations.
Minister of Finance Henry Petty even took the lead in applauding.
The United Kingdom currently consumed roughly 2 million tons of Cane Sugar per year, or 105,000 tons, requiring the Government to provide 2.4 million Pounds in subsidies.
This year, India's Sugar Cane had enjoyed a bumper harvest, directly meeting one-fifth of domestic Cane Sugar consumption. This could reduce sugar subsidies by nearly 500,000 pounds this year!
No! A thought suddenly struck Petty. Putting so much Cane Sugar onto the market would greatly ease the domestic sugar shortage. That meant the proportion of sugar subsidies could be lowered accordingly.
For him, driven to distraction by the fiscal deficit, this was simply tremendous news.
Petty immediately looked to Grenville. "Prime Minister, given the increased Cane Sugar supply, I suggest reducing sugar subsidies to 1.5 million Pounds."
The other ministers all voiced their agreement. Saving 900,000 Pounds from subsidies would give other departments considerably more funding.
Lord Grenville was about to nod when Pitt the Younger, the Prime Minister's adviser at his side, rose to his feet and raised a hand.
"I believe this batch of sugar should all be stored in the Warehouse rather than released onto the market."
Everyone immediately turned to him in surprise.
Grenville frowned